Market eagerly awaits Sipa results as 10 of 12 holes hit mineralization in Uganda
West Perth based Sipa Resources’ share price jumped 20% last week on the back of what looks to be a successful drilling campaign at the company’s Akelikongo nickel/copper Project in Uganda.
The market is eagerly awaiting the results of the latest drilling campaign after the company announced last week they had hit significant mineralization in 10 out of 12 holes with all results currently pending.
Wide and shallow zones of disseminated sulphides were encountered in the latest drill campaign in addition to more enriched semi-massive footwall or basal mineralization that appears to have pooled and formed an embayment of potentially nickel and copper rich mineralization.
The semi massive zones, which were the key target of the campaign were up to 11m wide and represent the widest and highest percentage sulphide intersected at Alkelikongo to-date.
The drilling program was designed to test the shallow and sparsely drilled area between previous drill holes where the Akelikongo Ultramafic Complex comes to surface and is represented by a strong in situ soil anomaly.
Sipa say the latest results look encouraging and have assisted them greatly to plan new targets as they follow the mineralized position along its shallow north westerly plunge.
The company says that nickel and copper sulphides appear to have pooled in a previously unrecognized embayment in the Western footwall of the Akelikongo project.
The newly discovered embayment is interpreted to represent the basal position at the time of nickel sulphide deposition and will now become the target for future exploration. The basal position, in other better understood nickel systems is where massive sulphides, which have higher grades of nickel and copper, have pooled during the formation of the deposit.
The new round of drilling has confirmed that Akelikongo has two defined mineralized zones, the first of which contains disseminated sulphides grading from 0.2% to 0.5% nickel and 0.1% to 0.2% copper over a strike zone from around 30m to over 100m.
The second is the basal or footwall mineralized zone containing higher grade matrix to semi-massive sulphides with a drilled width of up to 11m and results pending.
Sipa Resources are also planning to drill their Pamwa lead zinc project in Uganda and they are working on approvals to also do some exploration on their exciting new Paterson North project in WA where they are looking for a large copper ore body.
Sipa Resources (SRI)
Closing price for the last 90 trading days
Powered by Morningstar ®